Controversy over N Brown's decision to offer new boss 'golden hello'

N Brown has taken the controversial decision to offer new chief executive Angela Spindler a ‘golden hello,’ in a move set to put the High and Mighty owner at loggerheads with investors.

The boss of The Original Factory Shop joins the retailer, which specialises in kitting out larger women, in four weeks. She will receive two awards, according to the annual report published on Monday.

The first gives her shares with a value of up to 100 per cent of her salary to compensate her for awards made by her former employer which are ‘forfeited as a result of taking up her appointment’. This is the subject of unspecified ‘employment conditions’ that span the next two years.

The second award, worth 200 per cent of salary, is linked to unspecified ‘strategic objectives’ which will be measured over three years.

More...

Ivan
Fallon, chairman of the remuneration committee, said in the report:
‘The company has agreed a long-term incentive arrangement in connection
with Angela Spindler’s recruitment without shareholder approval, as
permitted.’

They have also bolstered the long-term incentive of salary for senior board members to 150 per cent.